But net losses also swelled to $22.4 million by the end of 2016, up from $19.9 million the prior year. The effective annual percentage rate (APR) on the company’s loans have fallen about 42 percent since 2013, but are still about 146 percent, according to regulatory filings.
Some proceeds from the IPO will be used to repay debt, the company said.
The IPO, underwritten by banks like UBS Investment Bank, Credit Suisse, Jefferies, Stifel and William Blair, will provide yet another test of the public markets, after companies like Snap and MuleSoft broke a long dry spell of big tech IPOs.
Elevate said in January 2016 it would delay its IPO, in part due to volatility in the public market. By mid-January 2016, stocks were near a 15-month low, and companies like LendingClub saw shares plummet. Today, the picture looks much different, as major indices come off all-time highs.
The new public offering will also come amid a different regulatory environment, as President Donald Trump has vowed to roll back regulations, including those that govern consumer finance and lending.
— Ari Levy contributed to this report